'We're giving money back'

IPSWICH Town will today hand back an investment of several hundred thousand pounds to businessman Michael Anderson following the revelations that he had misled the club's board.

By Derek Davis

IPSWICH Town will today hand back an investment of several hundred thousand pounds to businessman Michael Anderson following the revelations that he had misled the club's board.

Blues chairman David Sheepshanks last night revealed the club will make the unprecedented move but the return of the substantial amount will not affect signings or new contract offers to existing players made this month.

Mr Anderson failed to make known that he had been chairman of both Aldershot and Kettering Town in the early 1990s, when they were in financial difficulties despite being asked during interviews with the club, when he proposed buying 15 per cent of the club's shares and taking a seat on the board.


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The offer of a directorship was immediately withdrawn and the club have now decided it is the best interest of everyone, if the money he paid over, now thought not to be as much as the £1m originally reported, will be returned and Mr Anderson has agreed.

Mr Sheepshanks last night said: “The board has considered the position with regard to the proposed share investment by Michael Anderson.

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“I have subsequently had a further discussion with him and we have mutually agreed that it would be in the best interests of all concerned that the money deposited with us be returned to his company.

“This is made possible by virtue of the fact that the shares had not yet been issued or registered. “Therefore Michael Anderson will neither be a shareholder nor a director of Ipswich Town Football Club.”

Investment made by an existing director and another shareholder, or the rescheduling of the debt by the clubs three main lenders, is not affected by these events.

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